Pursuant to the Bulgarian Accountancy Act (Закон за счетоводството), companies must publish their annual financial statements in the Commercial Register and Register for Non-profit Legal Entities ("Commercial Register") by 30 June of the calendar year following the reported period. Companies that have not carried out any activity during the reported period are exempt from this obligation. The prerequisite for the exemption is that the company's lack of activity is expressly declared before the Commercial Register.
Who is responsible?
- The management may declare before the Commercial Register that the company has been inactive.
What is the filing deadline?
- 31 March 2020.
- If the company misses this deadline, it will have to publish its annual financial statements for 2019 by 30 June 2020.
What is the filing fee?
- There is no filing fee for declaring inactivity before the Commercial Register.
- However, if the above deadline is missed and the company must publish its annual financial statements, a filing fee will be due for this publication (regardless of whether the company is actually inactive).
What form and documents?
- Sample form declaration confirming that the company is inactive and other standard documents for the Commercial Register.
- The filing in the Commercial Register can be done electronically.
When is a company inactive?
- A company is deemed inactive when it has not carried out commercial transactions during the reported period, has not engaged in investment, production and/or sale activities, has not purchased goods and services for the purpose of obtaining income and profit, and when no conditions to recognise income for the reported period have occurred.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.